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Despite fiscal Q4 results that were largely positive, shares of Microsoft fell slightly in AH trading yesterday. The software giant easily beat analyst estimates, reporting a net profit of $11.2B and revenue that rose 13% to $38B. Traders may have been looking for more. The company's cloud computing operation saw sales growth under 50% for the first time, while transactional license purchasing continued to slow and subsidiary LinkedIn was negatively impacted by the weak job market. (SA)

 

Senate Republicans have "reached a fundamental agreement" with White House negotiators Steven Mnuchin and Mark Meadows on how to move forward with the next coronavirus relief bill. What's in the proposal? Another round of direct stimulus payments, $16B for coronavirus testing, $105B for K-12 education, colleges and universities, though there was no agreement on a payroll tax cut. The plan, set to be unveiled today, will serve as a starting point for negotiations with Democrats, who have passed a $3.4T bill in the House. Lawmakers are also racing to reach a deal on the $600 weekly supplement to unemployment benefits that's due to expire on July 31. (CNBC)

 

U.S. weekly jobless claims total 1.416 million, vs 1.3 million expected.  This marks the 18th straight week in which initial claims rose by more than 1 million.

 

Companies reporting today include Intel, American Airlines, Southwest, and Twitter.  

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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